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Legal & General Group Announces- Appointment as New Workplace Pension Provider to John Lewis

LEGAL & GENERAL ANNOUNCES- Appointment as New Workplace Pension Provider to John Lewis

Following a review the John Lewis Partnership Trust for Pensions has appointed Legal & General as its bundled administration provider for the Defined Contribution section of their scheme. The appointment is part of the implementation of the Partnership’s new hybrid pension arrangement, comprising Defined Contribution and Defined Benefit sections.

Jane Newell DBE, Chair of the Trustee Board of the John Lewis Partnership Trust for Pensions commented, “Our search for a compatible Defined Contribution partner has been lengthy and robust. We were impressed with the commitment of the short listed providers not only to John Lewis but to the United Kingdom Defined Contribution market, however at the conclusion of this process Legal & General was our unanimous preferred choice. We were impressed with their clarity of strategic thought, operational robustness and ability to be flexible throughout this process”.

Jim Islam, Executive Managing Director of Workplace Pensions and Retail Investments at LGIM said, “We are delighted to be appointed as Defined Contribution provider to the John Lewis Partnership Trust for Pensions. All such large scale engagements are made following long periods of scrutiny by potential customers and to emerge from this process as the chosen provider is testament to our proposition and our people. John Lewis has a strong reputation for the integrity of their business and for quality of service provided to their customers. We take their commitment to us very seriously. We share many of the same values and we believe that our cultural alignment will make for a long and mutually beneficial partnership”.

 

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For further information, please contact:

Media:

John Godfrey               

Group Corporate Affairs Director                                                

020 3124 2090

 

Richard King                

Head of Group Corporate Communications                                             

020 3124 2095

 

Notes to editors:

 

Legal & General Group Plc

 

Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £16.8bn (as at 15 Apr 2015) and is responsible for investing £709bn worldwide (as at 31st December 2014) on behalf of investors, policyholders and shareholders. We have over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2014, Legal & General's operating profit (on the IFRS basis) was £1,275m and earnings per share were 16.70p for the period, an increase of 10% for both respectively.

 

For more information on Legal & General, please see http://www.legalandgeneralgroup.com/

 

Forward looking statements

Nothing in this announcement should be construed as a profit forecast. This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General's control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.

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